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REVENUE RECOGNITION
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
Disaggregated Revenue
The Company has one major business activity, which is the design, manufacture and sale of solutions for the solar photovoltaic industry. Disaggregated revenue by primary geographical market and timing of revenue recognition for the Company’s single product line are as follows:
Three Months Ended
March 31,
20242023
(In thousands)
Primary geographical markets:
U.S.$149,974 $472,961 
International113,365 253,055 
Total$263,339 $726,016 
Timing of revenue recognition:
Products delivered at a point in time$233,145 $701,652 
Products and services delivered over time30,194 24,364 
Total$263,339 $726,016 
Contract Balances
Receivables, and contract assets and contract liabilities from contracts with customers, are as follows:
March 31,
2024		December 31,
2023
(In thousands)
Receivables$364,364 $445,959 
Short-term contract assets (Prepaid expenses and other assets)40,915 40,241 
Long-term contract assets (Other assets)121,633 124,190 
Short-term contract liabilities (Deferred revenues, current)119,821 118,300 
Long-term contract liabilities (Deferred revenues, non-current)359,300 369,172 
The Company receives payments from customers based upon contractual billing schedules. Accounts receivable are recorded when the right to consideration becomes unconditional. Contract assets include deferred product costs and commissions associated with the deferred revenue and will be amortized along with the associated revenue. The Company had no asset impairment charges related to contract assets for the three months ended March 31, 2024.
Significant changes in the balances of contract assets (prepaid expenses and other assets) as of March 31, 2024 are as follows (in thousands):
Contract Assets
Contract Assets, beginning of period$164,431 
Amount recognized(10,524)
Increased due to shipments8,641 
Contract Assets, end of period$162,548 
Contract liabilities are recorded as deferred revenue on the accompanying condensed consolidated balance sheets and include payments received in advance of performance obligations under the contract and are realized when the associated revenue is recognized under the contract.
Significant changes in the balances of contract liabilities (deferred revenues) as of March 31, 2024 are as follows (in thousands):
Contract Liabilities
Contract Liabilities, beginning of period$487,472 
Revenue recognized(30,194)
Increased due to billings21,843 
Contract Liabilities, end of period$479,121 
Remaining Performance Obligations
Estimated revenue expected to be recognized in future periods related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period are as follows:
March 31,
2024
(In thousands)
Fiscal year:
2024 (remaining nine months)$90,521 
2025113,226 
202696,983 
202777,353 
202856,091 
Thereafter44,947 
Total$479,121